I’m not one of those guys who cites the stock market to prove anything either way, but I do find it interesting that the market climbed today on news of a pretty robust jobs plan (along with a German court’s decision that Germany could keep making emergency loans).
“U.S. stocks gained Wednesday for the first session in four on a report President Barack Obama will propose a $300 billion package to boost jobs and after Germany’s top court ruled it was legal for the country to take part in regional rescue plans.”
Here’s a picture of the market today at around 3 and here’s another one of the Dow Jones Index, with a line when the stimulus was passed in Feb 2009.
Again, the hyper-skittish stock market is a barometer of Buddha-knows-what. But the markets–not wild-eyed Keynesian radicals–want growth policies (and loans to undercaptilized European banks), and the in this case, they’re right!
Earth to Congress…come in, Congress! Congress…are you there!!??